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Usually people who are really technically skilled lack leadership skills. For those who do have leadership traits (such as Deloitte 1) the monotony of staff to senior work drives them away, they become frustrated by working under managers who lack leadership skills, or the firm tends to push them away because they reward technical skills and billable hours over leadership and soft skills.
It's tough to do when you're handed work that will always look very similar, and you didn't have a hand in it. Someone in IT that takes on a business problem and resolves it, someone in sales that takes a weak product and sells the hell out of it - they have a concrete example of taking something non-functioning and making it work. Audit is 90% SALY so it's hard to make the same case.
Big 4 firms are notorious for teaching technical skills but providing zero training in softer skills such as leadership. Combine that with the fact that you have immature 20 something's being put in a position of power to manage other people, and it's not a good outcome.
I might be an outlier but I've barely learned any technical skills during audit. Its mainly been data entry stuff or project management.
Manager 1 nailed it.
Same. I've done some carve outs, technical m&a topics, private equity acquisitions and modeling. I know very little about that stuff still. I feel I know how to put a team together, when to talk to the Partner on "How the fuck do I do this?", let's talk to a specialist in the M&A group, to drive a project forward, etc.